As a taxi driver, you are no doubt not only insuring your taxi(s) but also your personal vehicle. You will be aware that the cost of insuring your taxi is almost certainly going to be greater than the amount an insurance company will charge to insure your personal car. One of the reasons for this is that you are more likely to be involved in a road traffic accident as you will probably travel more miles in your taxi each year.

Car insurance prices fluctuate on a frequent basis as will premiums for taxi insurance so it is important that you review your cover on an annual basis. According to the Car Insurance Price Index that is produced every quarter, the average cost for fully comprehensive car insurance fell by £12 per annum from £774 per annum in the last quarter of 2018 to £762 per annum in the first quarter of 2019. That might not seem a large sum of money but every penny counts these days.

So, when you receive your renewal documents for your taxi insurance, don’t do what a lot of taxi drivers do and just file the paperwork without giving it a second glance. Instead, why not see if you can save your business some money by getting one or more quotes for covering your taxi from other insurers.

How can you do this? Well, you could do your own research and get in touch with individual insurance companies that provide taxi insurance. A potential problem with this is that you could end up spending many hours doing research and this time may have been better spent in the day to day running of your business. Another option is that you could get in touch with your local high street insurance broker and ask him or her to source suitable competitive cover.

A third option is to use the likes of a specialist comparison website that has an extensive panel of taxi insurers at their disposal here in the UK. It is so quick and easy to do this and, whilst not all insurers advertise their insurance products on such websites, you may be able to obtain a competitive quote that is lower than what your existing insurance company wishes to charge you at renewal.